Delivery Hero's Two-Track Strategy: Raising Guidance While Reshaping the Map

Delivery Hero lifts full-year guidance after strong Q2, sells 14 country operations for €1.4bn, contingent on Uber's €41.50/share takeover.

Delivery Hero's second-quarter numbers on Thursday did more than beat expectations — they gave management the ammunition to lift its full-year outlook across every major metric. Yet for shareholders, the more consequential news may have been what the Berlin-based food delivery group did outside its income statement: a sweeping portfolio overhaul that redraws its geographic footprint just as the Uber takeover clock keeps ticking.

The company now sees gross merchandise volume growth of 9 to 11 percent for the full year, up from a prior range of 8 to 10 percent, while revenue growth is expected to land between 17 and 19 percent, versus an earlier forecast of 14 to 16 percent. Adjusted EBITDA guidance was also raised to €960 million to €1 billion, from €910 million to €960 million previously.

A Cash-Flow Inflection Point

The upgraded targets rest on a quarter that showed genuine operational momentum. GMV expanded 11.3 percent on a like-for-like basis to €13.2 billion in the second quarter, while revenue jumped 17.7 percent to €4.0 billion — both figures ahead of analyst consensus.

Perhaps more telling than the top-line acceleration is what happened further down the cash flow statement. Free cash flow before special items swung to a positive €348 million in the first half of 2026, a dramatic reversal from the €8 million outflow recorded in the same period a year earlier. Adjusted EBITDA for the half came in at €427 million, up 3.9 percent year on year.

That self-funding capability matters. With a cash pile of €2.8 billion at the half-year mark — bolstered by the March refinancing of its syndicated loan and a buyback of convertible bonds — Delivery Hero enters the final stretch of the Uber transaction from a position of balance-sheet strength.

A Portfolio Pivot, Conditioned on the Deal

The strategic reshuffle announced alongside the results is substantial. Delivery Hero has agreed to sell its operations in 14 countries, including Austria, to financial investor SSW Partners for around €1.4 billion. That transaction, however, is contingent on the completion of Uber's acquisition — a deal whose offer document has been available since last Saturday and whose acceptance period runs until November 5, 2026.

Separately, the sale of the Taiwan business to Grab Holdings for $600 million remains on track to close in the fourth quarter. That deal represents something of a redemption arc: an earlier attempt to sell the Taiwan unit to Uber was blocked by Taiwan's competition authority in December 2024 and formally abandoned in March 2025.

Analysts Anchor to the Offer Price

The market's response to the upgraded guidance has been muted — and understandably so. With Uber's tender offer at €41.50 per share looming over the stock, operational achievements have taken a back seat to deal mechanics. The shares closed Friday at €36.99, down 0.8 percent on the day and roughly 8.6 percent below their 52-week high of €40.49. Over the past month, the stock has slipped about 1.5 percent.

That persistent gap between market price and offer price suggests investors are pricing in some residual uncertainty about the transaction's completion — a familiar pattern during pending tender offers.

Analyst reactions have largely deferred to the offer price as the relevant reference point. Berenberg maintained its "Buy" rating with a €41.50 price target on Friday, citing the solid quarterly results. Jefferies confirmed its "Hold" stance at the same target on Thursday, with analyst Giles Thorne noting the company had beaten expectations across all metrics. UBS kept its "Neutral" rating at €41.50 on Friday — precisely in line with Uber's bid. Even mwb research, which retains a "Sell" rating, is advising shareholders to accept the Uber offer, acknowledging that the acquisition now dominates the investment narrative.

Ownership Shifts Beneath the Surface

The shareholder register has seen some movement as the tender offer unfolds. Investor Gregory Alexander crossed a threshold, trimming his voting rights stake to 4.95 percent from 5.07 percent previously. Goldman Sachs Group, meanwhile, disclosed in mid-August a total position of 6.08 percent, comprising 1.19 percent in voting rights and 4.88 percent held through instruments.

For Delivery Hero shareholders, the decisive date remains November 5 — the close of the acceptance period. Until then, the company's operational momentum may continue to build, but the stock's trajectory will likely remain tethered to the outcome of a process that has, for now, capped the upside at €41.50.